UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------

FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-08902

1838 Investment Advisors Funds
(Exact name of registrant as specified in charter)
--------

2701 Renaissance Blvd., 4th Floor
King of Prussia, PA 19406
(Address of principal executive offices) (Zip code)

Anna M. Bencrowsky
2701 Renaissance Blvd., 4th Floor, King of Prussia, PA 19406
(Name and address of agent for service)

Copies to:

- -------------------------------------------------------------------------------
John McDonnell
1838 Investment Advisors Fund
2701 Renaissance Blvd., 4th Floor
King of Prussia, PA 19406
- -------------------------------------------------------------------------------

Registrant's telephone number, including area code: 1-484-322-4300

Date of fiscal year end: October 31, 2003

Date of reporting period: April 30, 2003

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1

1838
INVESTMENT ADVISORS FUNDS
- --------------------------------------------------------------------------------

INTERNATIONAL EQUITY FUND
FIXED INCOME FUND
LARGE CAP EQUITY FUND

SEMI-ANNUAL REPORT
APRIL 30, 2003

<page>

1838 INTERNATIONAL EQUITY FUND

- --------------------------------------------------------------------------------

FELLOW SHAREHOLDER:

The total return for the Morgan Stanley Capital International Europe, Australia
and Far East (the "EAFE") Index was 1.81% for the six months ending April 30,
2003. During this difficult environment, the 1838 International Equity Fund's
total return was 2.12%, which implies a relative gain over the benchmark of
0.31%1.

REGIONS:
Regional performance differences were substantial, with the European (+4.39%)
and Far East ex-Japan (+5.58%) indices outperforming the Japanese (-6.90%). The
European index was boosted by an appreciation of the Euro of 12%, while the
yen-dollar exchange rate ended the period 3% higher. The Fund outperformed its
regional benchmarks in Japan and in the emerging markets, but trailed in Europe
and Asia ex-Japan. The Japanese outperformance was a result of owning a few
strong domestic demand related stocks like Kyushu Electric Power and Japan
Telecom, while avoiding investments in the poor performing Financials sector in
this market. Teva Pharmaceuticals, the leading generic drugs producer, was a
star performer and responsible for most outperformance in Emerging Markets.

SECTORS:
Relative performance was particularly strong in Financials, with very favorable
stock selection results in the banks and insurance industries. National
Australia Bank, Banco Popular, Danske Bank, Bank of Ireland and Unicredito all
beat their industry benchmark resulting in 9.74% industry performance in the
Fund, while the bank industry benchmark gained 4.31%. In the insurance industry
the outperformance was even larger. There were smaller relative losses in
Materials, Telecommunications and Utilities, with Fund holdings such as cement
producer Lafarge, electricity/water producer RWE, underperforming large
benchmark names such as France Telecom and Telefonica.

OUTLOOK:
The 50% loss in the value of the EAFE Index since its March-end 2000 peak
resulted in dividend yields touching the level of 10 year government bonds at
3.75% in Europe and in Japan, above its government bond yield level of a paltry
0.7% during March. However, these statistics only provide comfort if these
dividends are secure and growing over time. With GDP growth forecasted at less
than 1% in both Europe and Japan, the Fund focuses on companies that are strong
enough to comfortably pay their dividends while pursuing clear strategies for
growth. Examples are companies that are focusing on fewer brands (Unilever), or
exercising rigorous expense control (Danske Bank). The Fund is also focusing on
those companies that are developing new markets, (low cost air travel by
Ryanair), new products (plasma displays by Pioneer) or supplying the needs of a
fast growing region, such as China by energy company CNOOC. It is our belief
that shareholders should be rewarded for taking these controlled risks over the
next years.

Sincerely,

/S/HANS VAN DEN BERG

Hans van den Berg
Vice President & Portfolio Manager

1 Past performance of the Fund is no guarantee of future results.The return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. Please
bear in mind that investing in foreign securities can involve special risks
such as currency fluctuation, less extensive regulation of foreign brokers
and possible political instability. The Fund's returns assume the
reinvestment of all distributions. The MSCI EAFE Index is an unmanaged stock
market index without any associated expenses and the returns assume
reinvestment of all net dividends. You cannot invest directly in an index.

<page>

1838 INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 2003
- ---------------------------------------------------------------------------------------------------------------------------

VALUE
INDUSTRY SHARES (NOTE 2)
------- ------ -----------

COMMON STOCK -- 97.70%
AUSTRALIA -- 3.57%
BHP Billiton Limited Metal & Mining...................... 103,830 $ 587,156
National Australia Bank Banks............................... 42,774 869,611
----------
1,456,767
----------

CANADA -- 1.27%
Bank of Nova Scotia Banks............................... 13,300 517,222
----------

DENMARK -- 2.55%
Danske Bank A/S Banks............................... 54,200 1,042,833
----------

FINLAND -- 2.77%
Stora Enso Oyj - R Shares Paper & Related Products............ 51,500 559,797
Fortum Oyj Oil & Gas........................... 79,900 573,353
----------
1,133,150
----------

FRANCE -- 9.10%
Accor SA Hotels, Restaurants & Leisure....... 20,500 675,587
Aventis SA Pharmaceuticals..................... 11,100 563,760
AXA, Inc. Insurance........................... 38,100 578,692
Essilor International SA Health Care Equipment & Supplies.... 13,500 552,772
STMicroelectronics NV (NY Shares) Semiconductor Equipment & Products.. 23,400 481,806
Total SA (B Shares) Oil & Gas........................... 6,600 865,458
----------
3,718,075
----------

GERMANY -- 6.32%
Beiersdorf AG Personal Products................... 4,700 574,874
BMW AG Automobiles & Components............ 10,600 353,705
Gehe AG Health Care Providers & Services.... 15,300 609,570
SAP AG Software............................ 4,400 447,337
Siemens AG Industrial Conglomerates............ 12,100 598,209
----------
2,583,695
----------

See notes to financial statements.

<page>

1838 INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)-- CONTINUED APRIL 30, 2003
- ---------------------------------------------------------------------------------------------------------------------------

VALUE
INDUSTRY SHARES (NOTE 2)
------- ------ -----------

HONG KONG -- 4.26%
CNOOC Ltd. Oil & Gas........................... 429,200 $ 564,082
Esprit Holdings Ltd. Retailing........................... 319,494 626,776
Johnson Electric Holdings Ltd. Electrical Equipment................ 510,900 550,267
----------
1,741,125
----------

IRELAND -- 5.51%
Anglo Irish Bank Corp. Banks............................... 127,895 962,006
Irish Life & Permanent PLC Insurance........................... 53,900 625,585
Ryanair Holdings PLC Airlines............................ 97,100 664,269
----------
2,251,860
----------

ISRAEL -- 2.72%
TEVA Pharmaceutical Ind. - ADR Pharmaceuticals..................... 23,800 1,111,460
----------

ITALY -- 3.90%
Snam Rete Gas SPA Oil & Gas........................... 210,700 764,209
Unicredito Italiano SPA Banks............................... 190,000 831,197
----------
1,595,406
----------

JAPAN -- 16.64%
Aeon Co. Ltd. Retailing........................... 27,300 620,350
Canon Inc. Office Electronics.................. 16,000 646,654
Honda Motor Co. Ltd. Automobiles & Components............ 18,900 625,985
Hoya Corp. Health Care Equipment & Services.... 7,100 419,713
Kubota Corp. Machinery........................... 224,000 516,519
Kyushu Electric Power Electric Utilities.................. 44,100 685,573
Nichii Gakkan Co. Commercial Services & Supplies...... 11,300 576,086
Omron Corp. Electronic Equipment & Instruments . 37,000 595,673
Pioneer Co. Ltd. Household Durables.................. 29,700 595,195
Shin-Etsu Chemical Co. Ltd. Chemicals........................... 12,900 386,156
SMC Corp. Machinery........................... 5,100 384,018
Sony Corp. - ADR Household Durables.................. 10,500 259,770
Takeda Chemical Inds. Pharmaceuticals..................... 13,300 487,347
----------
6,799,039
----------

See notes to financial statements.

<page>

VALUE
INDUSTRY SHARES (NOTE 2)
------- ------ -----------

MEXICO -- 1.33%
Wal-Mart De Mexico - ADR (V Shares) Retailing........................... 19,600 $ 542,751
----------

NETHERLANDS -- 7.27%
ASM Lithography Holding NV Semiconductor Equipment & Products.. 22,700 196,079
ING Groep NV Diversified Financial Services...... 47,692 774,413
Koninklijke KPN NV Diversified Telecommunication Services 82,300 547,407
Reed Elsevier NV Media............................... 78,000 887,890
Unilever NV Food Products....................... 9,000 566,984
----------
2,972,773
----------

SINGAPORE -- 0.73%
DBS Group Holdings Banks............................... 61,155 299,644
----------
SPAIN -- 3.64%
Banco Popular Espanol SA Banks............................... 13,300 644,771
Grupo Ferrovial SA Construction & Engineering.......... 31,700 841,270
----------
1,486,041
----------

SWITZERLAND -- 6.48%
Adecco SA - Registered Shares Commercial Services & Supplies...... 17,200 659,441
Nestle SA - Sponsored ADR Food Products....................... 9,100 463,803
Novartis AG - Registered Shares Pharmaceuticals..................... 19,100 753,410
Swisscom AG - Registered Shares Diversified Telecommunication Services 2,500 773,243
----------
2,649,897
----------

TAIWAN -- 0.74%
Taiwan Semiconductor - ADR Semiconductor Equipment & Products.. 36,110 302,241
----------

UNITED KINGDOM -- 18.90%
Barclays PLC Banks............................... 122,134 843,755
BP Amoco PLC Oil & Gas........................... 222,758 1,413,411
British Sky Broadcasting Group PLC Media............................... 54,600 565,910
Diageo PLC Beverages........................... 89,823 995,586
Reckitt Benckiser PLC Household Products.................. 38,800 683,993
Royal Bank of Scotland Group PLC Banks............................... 32,868 862,038
Scottish Power PLC Electric Utilities.................. 68,000 422,226
Tesco PLC Food & Drug Retailing............... 163,800 517,696
Vodafone Airtouch PLC Wireless Telecommunication Services. 718,356 1,417,922
----------
7,722,537
----------

TOTAL COMMON STOCK (Cost $44,218,498) .................................... 39,926,516
----------

See notes to financial statements.

<page>

VALUE
SHARES (NOTE 2)
------ -----------

SHORT-TERM INVESTMENT -- 1.79%
Evergreen Institutional Money Market Fund - I Shares (Cost $732,797)........... 732,797 $ 732,797
-----------

TOTAL INVESTMENTS (Cost $44,951,295)-- 99.49% .................................... 40,659,313

OTHER ASSETS AND LIABILITIES, NET-- 0.51% .................................... 207,849
-----------

NET ASSETS-- 100.00%.............................................................. $40,867,162
===========

MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks
Consumer Discretionary - 16.12% Industrials - 12.00%
Consumer Staples - 7.81% Information Technology - 6.69%
Energy - 10.47% Materials - 3.84%
Financials - 22.17% Telecommunication Services - 6.86%
Health Care - 11.27% Utilities - 2.77%

ADR - American Depositary Receipt

See notes to financial statements.

<page>

1838 FIXED INCOME FUND
- --------------------------------------------------------------------------------

TO THE SHAREHOLDER:

If we had to sum up the performance of the U.S. Fixed Income Markets in the
first four months of 2003 in one word, we would have to choose VOLATILE. Through
most of the first quarter, geopolitical concerns took center stage. Sprinkle in
fairly poor economic news during the quarter and we had all the ingredients for
a roller coaster ride of a quarter.

Leading into the New Year, signs of strength in a severely oversold equity
market put pressure on U.S. Treasury yields. Interest rates on the major
Treasury Benchmark securities rose quickly in the opening days of the new
quarter, rising between 25 and 40 basis points across the yield curve. Pressure
quickly abated and a flight to quality rally ensued as speculation and concern
over the timing and magnitude of a confrontation overseas came into play. U.S.
Treasury yields started a gradual run at the lows established in October of
2002. After reaching a new 40+ year low yield of 3.55% on 10-year Treasury Notes
on March 10th, interest rates staged another about-face. Preceding the drop of
the first bomb over Iraq, investors priced in optimism of a quick and decisive
victory over Saddam Hussein.

As the U.S. brings its troops home and turns to rebuilding Iraq, focus should
return to economic fundamentals. Numbers reported through the second quarter
will most likely be fuzzy and provide little insight as to the economic recovery
due to the impact of war during the first quarter. The Fed will look closely at
these numbers and wait for clarity before changing policy once again. The key to
an economic recovery remains an increase in business and consumer spending. We
continue to believe that accommodative monetary and fiscal policy should put the
U.S. economy on a firmer footing by the end of the year.

Surprisingly, given geopolitical events, evidence of economic slowdown, and
continued disclosures of accounting improprieties, credit assets weathered best
the turbulence of the first four months of 2003. U.S. dollar investment-grade
credit assets displayed remarkable resilience, supported by a light supply
calendar and historically wide spreads. In the low yield environment, investors
could not resist the search for heftier yields, evidenced by lower-quality tiers
registering the highest returns.

The Fund outperformed the Lehman Aggregate Bond Index (the "Index") for the six
months ended April 30, 2003, registering a total return of 4.89% compared to the
Index, which was up 4.32%1. From inception (September 1997) to April 30, 2003,
the Fund's average annual return was 6.88% vs. 7.88% for the Index. The Fund's
out-performance for the current six-month period was driven by an overweight in
corporate bonds, which did better than the market at large. We have been running
a slightly shorter duration than the Index, which hurt relative performance
slightly.

Going forward, we expect the economic recovery to gain some traction. As the
economic landscape improves Treasury yields should begin to climb. We believe
credit quality will improve, which should carry over to even tighter credit
spreads relative to Treasuries. Consequently, we expect to hold our overweight
in mortgages and corporate bonds while keeping close to home on duration.

1 Past performance of the Fund is no guarantee of future results. The return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. The Fund's
returns assume the reinvestment of all distributions. The Lehman Aggregate
Bond Index is an unmanaged investment grade bond index without any associated
expenses and the returns assume reinvestment of all interest income. You
cannot invest directly in an index.

<page>

1838 FIXED INCOME FUND
- --------------------------------------------------------------------------------

The Fund's exposure, based on long-term market value, compared to the Index at
April 30, 2003 was as follows:

1838 FIXED LEHMAN AGGREGATE
INCOME FUND BOND INDEX
------------ ------------
Corporate Bonds.......... 42% 27%
Mortgage-Backed.......... 40% 35%
Asset-Backed............. 10% 4%
Agencies................. 5% 13%
Treasuries............... 3% 21%

Sincerely,

/S/CLIFFORD D. CORSO

Clifford D. Corso
Vice President and Portfolio Manager

May 22, 2003

<page>

1838 FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 2003
- ------------------------------------------------------------------------------------------------------------------------------------

MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
------------ -------- -----------

CORPORATE BONDS -- 41.87%
FINANCIAL -- 9.92%
Ford Motor Credit Co., 7.25%, 10/25/11............................. A3/BBB $ 990,000 $ 992,477
General Electric Capital Corp., 6.75%, 03/15/32.................... Aaa/AAA 515,000 595,951
General Electric Global Insurance Holding, 7.00%, 02/15/26......... A1/A 1,040,000 1,103,787
Household Finance Corp., 6.40%, 06/17/08........................... A2/A 875,000 981,564
Household Finance Corp., 4.625%, 01/15/08.......................... A2/A 875,000 913,065
International Lease Finance Corp., 5.875%, 05/01/13................ A1/AA- 1,040,000 1,055,261
------------
5,642,105
------------

INDUSTRIAL & MISCELLANEOUS -- 17.49%
BAE Systems 2001 Asset Trust, 6.664%, 9/15/13, 144A*............... Aaa/AAA 1,367,560 1,490,141
Centex Corp., 4.75%, 01/15/08...................................... Baa2/BBB 945,000 975,022
Delta Airlines, Ser. 2002-1, Cl. G-2, 6.417%, 07/02/12*............ Aaa/AAA 1,350,000 1,410,580
Diageo Capital PLC, 3.375%, 03/20/08............................... A2/A+ 950,000 951,644
Ford Motor Co., 7.45%, 07/16/31.................................... Baa1/BBB 870,000 774,328
IBM Corp., 5.875%, 11/29/32........................................ A1/A+ 850,000 892,418
Johnson & Johnson, 8.72%, 11/01/24................................. Aaa/AAA 1,190,000 1,357,151
United Mexican States, 4.625%, 10/08/08............................ Baa2/BBB- 1,065,000 1,079,910
Weyerhaeuser Co., 6.00%, 08/01/06.................................. Baa2/BBB 935,000 1,013,389
------------
9,944,583
------------

OIL & GAS -- 6.59%
Amerada Hess Corp., 5.30%, 08/15/04................................ Baa3/BBB 1,540,000 1,603,605
Anardarko Petroleum Corp., 5.375%, 03/01/07........................ Baa1/BBB+ 1,175,000 1,268,008
Conoco Inc., 6.95%, 04/15/29....................................... A3/A- 750,000 877,306
------------
3,748,919
------------

TELECOMMUNICATIONS & MULTIMEDIA -- 7.87%
AT&T Corp.,Variable Rate, 6.50%, 11/15/06.......................... Baa2/BBB+ 1,065,000 1,142,043
AOL Time Warner Inc., 7.625%, 04/15/31............................. Baa1/BBB+ 495,000 545,888
Comcast Corp., 7.05%, 03/15/33..................................... Baa3/BBB 520,000 564,118
Deutsche Telekom International Finance, 7.75%, 06/15/05............ Baa3/BBB+ 1,135,000 1,260,868
France Telecom, 7.75%, 03/01/11.................................... Baa3/BBB- 785,000 960,023
------------
4,472,940
------------
TOTAL CORPORATE BONDS (Cost $23,033,927) .......................................................... 23,808,547
------------

See notes to financial statements.

<page>

1838 FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)-- CONTINUED APRIL 30, 2003
- ------------------------------------------------------------------------------------------------------------------------------------

MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
------------ -------- -----------

ASSET BACKED SECURITIES -- 11.19%
Bear Stearns Commercial Mortgage Sec., Ser. 1999-WF2, Cl. A2,
7.08%, 06/15/09........................................................ Aaa/AAA $ 965,000 $ 1,123,647
FHLMC Structured Pass Through Sec., Ser. H005, Cl. A2,
2.55%, 08/15/07........................................................ Aaa/AAA 1,030,000 1,030,545
JP Morgan Chase Commercial Mortgage Sec., Ser. 2001-CIBC,
Cl. A1, 5.288%, 03/15/33............................................... Aaa/AAA 1,410,698 1,478,239
Long Beach Auto Receivables Trust, Ser. 2003-A, Cl. A3,
2.021%, 07/15/07....................................................... Aaa/AAA 815,000 818,820
TF Auto Receivables Owner Trust, Ser. 2002-1, Cl. A3,
3.00%, 05/12/09, 144A.................................................. Aaa/AAA 1,135,000 1,156,991
Textron Financial Corp. Receivables Trust, Ser. 2000-B, Cl. A3,
6.99%, 03/15/06, 144A.................................................. Aaa/AAA 746,188 752,841
-------------
TOTAL ASSET BACK SECURITIES (Cost $6,107,820) ....................... 6,361,083
-------------
MORTGAGE BACKED SECURITIES -- 39.02%
FGCI, Pool # E00617, 5.50%, 01/1/14.................................... Aaa/AAA 561,327 586,717
FGCI, Pool # E92496, 5.50%, 11/01/17................................... Aaa/AAA 43,886 45,631
FGLMC, Pool # C72047, 7.00%, 09/01/32.................................. Aaa/AAA 13,779 14,532
FGLMC, Pool # C16503, 6.50%, 10/01/28.................................. Aaa/AAA 11,683 12,209
FGLMC, Pool # C65865, 6.50%, 04/01/32.................................. Aaa/AAA 3,664,860 3,826,330
FGLMC, Pool # C80342, 6.50%, 09/01/25.................................. Aaa/AAA 553,684 580,160
FGLMC, Pool # D85515, 6.50%, 01/01/28.................................. Aaa/AAA 606,591 634,298
FGLMC, Pool # C30260, 7.50%, 08/01/29.................................. Aaa/AAA 208,424 222,499
FGLMC, Pool # C33014, 7.50%, 11/01/29.................................. Aaa/AAA 141,261 150,801
FGLMC, Pool # C01188, 7.00%, 06/01/31.................................. Aaa/AAA 405,560 427,724
FHLMC, Pool # A00930, 10.00%, 05/01/20................................. Aaa/AAA 10,336 11,829
FHLMC, Pool # C00967, 8.50%, 02/01/30.................................. Aaa/AAA 409,976 441,657
FHLMC, Pool # C01361, 6.00%, 05/01/32.................................. Aaa/AAA 911,670 949,358
FNCX, Pool # 250890, 7.00%, 04/01/04................................... Aaa/AAA 167,334 171,517
FNCI, Pool # 303728, 6.00%, 01/01/11................................... Aaa/AAA 704,730 742,997
FNCL, Pool # 190275, 8.00%, 11/1/26.................................... Aaa/AAA 505,688 551,336
FNCL, Pool # 482515, 5.50%, 01/01/14................................... Aaa/AAA 182,246 190,734
FNCL, Pool # 252381, 5.50%, 04/01/14................................... Aaa/AAA 80,906 84,572
FNCL, Pool # 535003, 7.00%, 11/01/14................................... Aaa/AAA 651,026 695,455
FNCL, Pool # TBA, 5.00%, 05/15/18...................................... Aaa/AAA 545,000 562,713
FNCL, Pool # 481429, 6.00%, 01/01/29................................... Aaa/AAA 1,234,286 1,287,882
FNCL, Pool # 498610, 6.00%, 05/01/29................................... Aaa/AAA 1,067,231 1,113,187
FNCL, Pool # 516898, 7.00%, 01/01/30................................... Aaa/AAA 31,950 33,784
FNCL, Pool # 522898, 8.00%, 01/01/30................................... Aaa/AAA 171,542 186,062
FNCL, Pool # 526025, 8.00%, 01/01/30................................... Aaa/AAA 370,491 401,550

See notes to financial statements.

<page>

MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
------------ -------- -----------

MORTGAGE BACKED SECURITIES -- (CONTINUED)
FNCL, Pool # 254239, 6.50%, 03/01/32............................. Aaa/AAA $ 1,329,513 $ 1,389,115
FNCL, Pool # 704096, 6.50%, 05/01/33............................. Aaa/AAA 1,910,000 1,965,270
FNCL, Pool # TBA, 5.50%, 05/15/33................................ Aaa/AAA 875,000 900,156
FNCX, Pool # 313411, 7.00%, 03/01/04............................. Aaa/AAA 33,258 33,617
GNMA, Pool # 569684, 6.00%, 02/15/32............................. Aaa/AAA 1,187,603 1,243,912
GNMA, Pool # 588967, 6.00%, 06/01/32............................. Aaa/AAA 26,709 27,976
GNMA I, Pool # 3545, 7.00%, 12/15/03............................. Aaa/AAA 35 35
GNMA I, Pool # 6937, 8.50%, 12/15/05............................. Aaa/AAA 1,373 1,443
GNSF, Pool # 780374, 7.50%, 12/15/23 ............................ Aaa/AAA 442,386 475,400
GNSF, Pool # 417239, 7.00%, 02/15/26............................. Aaa/AAA 831,602 885,097
GNSF, Pool # 377671, 6.50%, 03/15/28............................. Aaa/AAA 178,071 187,531
GNSF, Pool # 509609, 7.00%, 07/15/29............................. Aaa/AAA 397,117 421,566
GNSF, Pool # 528190, 7.50%, 04/15/30............................. Aaa/AAA 69,696 74,435
GNSF, Pool # 544849, 7.00%, 11/15/30............................. Aaa/AAA 584,029 619,803
G2SF, Pool # 2038, 8.50%, 07/20/25............................... Aaa/AAA 37,486 40,664
-------------
TOTAL MORTGAGE BACKED SECURITIES (Cost $21,157,225) .............................................. 22,191,554
-------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.44%
FHLMC, 4.00%, 10/29/07........................................... Aaa/AAA 1,035,000 1,062,553
FHLMC, Sub. Notes, 6.25%, 03/05/12............................... Aa2/AA- 740,000 810,791
FNMA, 4.75%, 02/21/13............................................ Aaa/AAA 645,000 652,422
-------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $2,415,244) ....................................... 2,525,766
-------------
U.S. TREASURY OBLIGATIONS** -- 0.97%
U.S. Treasury Notes, 3.00%, 02/15/08............................. Aaa/AAA 240,000 242,475
U.S. Treasury Bonds, 5.375%, 02/15/31............................ Aaa/AAA 280,000 305,528
-------------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $542,707)................................................... 548,003
-------------
SHORT-TERM INVESTMENTS -- 7.63%
Evergreen Institutional Money Market Fund - I Shares ............ 2,839,691 2,839,691
SEI Daily Income Prime Obligation Fund - A Shares................ 1,500,000 1,500,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $4,339,691) ................................................... 4,339,691
-------------

TOTAL INVESTMENTS (Cost $57,596,614)-- 105.12%........................................................... $ 59,774,644
OTHER ASSETS AND LIABILITIES, NET-- (5.12)%.............................................................. (2,912,296)
-------------
NET ASSETS-- 100.00%..................................................................................... $ 56,862,348
=============
<FN>
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to
that rule except to qualified institutional buyers. As of April 30, 2003, these securities amounted to 5.98% of
net assets.
* The bond's principal and interest payments are insured by MBIA, Inc., the parent company of 1838 Investment
Advisors, LLC (See Note 4).
** While no ratings are shown for U.S. Government Agency Obligations and U.S. Treasury Obligations, they are
considered to be of the highest quality, comparable to Moody's AAA rating and S&P's Aaa rating.
</FN>

See notes to financial statements.

<page>

1838 LARGE CAP EQUITY FUND
- --------------------------------------------------------------------------------

TO THE SHAREHOLDER:

Is there light appearing at the end of the tunnel for equity investors? It seems
to be so. After surviving several quarters of choppy economic growth and an
invasion of Iraq, the stock market is actually up for calendar 2003 and for the
six months ending April 30th. Looking back on how stocks have recovered
following bear markets in the past, equity investors had gained about 25% on
average in the first six months. Dating from the prior low on October 9, 2002,
the S&P 500 is up 24% at this writing (5/30/03). What is noticeable ... and also
typical ... is the lack of press regarding this strong rally. Let's hope that we
will continue to climb the proverbial "wall of worry" to average returns one
year after bear market bottoms, which are up about 38%!

The Fund produced a 2.99% return for the six months ended April 30, 2003,
lagging the S&P 500's return of 4.49% for the same period, and most of the
shortfall was produced in the Finance and Healthcare sectors1. In fact a very
few stocks in each sector were the culprits. In Finance, Fifth Third Bancorp
continued to lag its peers after several years of superb performance. The Fund
began to reduce its weight in this stock last summer, and again early this year,
but not enough to stave off its poor returns. Fifth Third is still regarded as
one of the highest quality, best managed banks in the country, but even these
strengths could not prevent an inevitable slowdown in its earnings growth.

The Fund's difficulty in Healthcare involved its holding in HCA, formerly
Hospital Corp of America. Hospital management companies enjoyed several years of
uninterrupted growth, but the payor environment worsened considerably last year.
Despite HCA's better geographic locations, it was not immune to challenges to
revenues and the stock declined. The stock has since been sold, according to our
sale discipline. The Fund has no exposure to biotech stocks, and that industry
outperformed the healthcare sector by almost 7 times! We believe that such a
move is transitory for this group of very volatile issues.

On the other side of the ledger, the Fund had strong relative returns from
Technology and Energy stocks. Its exposure to the communications equipment
companies such as Cisco and the semiconductor manufacturers such as ADI, Intel
and Texas Instruments powered tech returns, which were twice that of the S&P
500. Conversely, it was the Fund's conservative posture in Energy that aided in
positive attribution. The Fund exited Transocean Sedco Forex, and initiated a
new position in BP on a timely basis.

1 Past performance is no guarantee of future results. The return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. The Fund's
returns assume the reinvestment of all distributions. The S&P 500 Index is an
unmanaged stock market index without any associated expenses and the returns
assume reinvestment of all dividends. You cannot invest directly in an index.

<page>

1838 LARGE CAP EQUITY FUND
- --------------------------------------------------------------------------------

Currently, the Fund holds 50 stocks and the quality rating of the underlying
companies is very high. We believe that this characteristic is a long term
positive, but it cost the portfolio, again in relative performance, during the
past six months. Investors sought out smaller companies and also those with more
risky profiles. We will stick to our discipline of searching for core holdings
at attractive valuations that may exceed market returns, over time.

Sincerely,

/S/GEORGE W. GEPHART, JR.

George W. Gephart, Jr.
Vice President & Portfolio Manager

May 30, 2003

<page>

1838 LARGE CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 2003
- -------------------------------------------------------------------------------------------------------------------

VALUE
SHARES (NOTE 2)
------ -----------

COMMON STOCK -- 96.99%
BASIC INDUSTRIES -- 10.97%
E.I. du Pont de Nemours & Co............................................... 4,300 $ 182,879
General Electric Co........................................................ 22,740 669,693
Ingersoll-Rand Co. (A Shares).............................................. 7,500 330,600
Raytheon Co................................................................ 11,300 338,209
Union Pacific Corp......................................................... 5,700 339,264
United Technologies Corp................................................... 4,300 265,783
----------
2,126,428
----------
CONSUMER CYCLICAL -- 15.03%
Carnival Corp.............................................................. 12,600 347,634
Gannett Co., Inc........................................................... 3,800 287,736
Kohl's Corp................................................................ 6,800 386,240
Lowe's Cos., Inc........................................................... 4,900 215,061
Target Corp................................................................ 10,740 359,146
Viacom Inc. (B Shares)..................................................... 14,930 648,111
Wal-Mart Stores Inc........................................................ 11,880 669,082
----------
2,913,010
----------
CONSUMER STAPLES -- 8.77%
Coca Cola Co............................................................... 9,700 391,880
Colgate-Palmolive Co....................................................... 7,300 417,341
Kraft Foods Inc. (A Shares)................................................ 5,200 160,680
Pepsico Inc................................................................ 4,700 203,416
Procter & Gamble Co........................................................ 5,850 525,623
----------
1,698,940
----------
ENERGY -- 5.42%
BP Amoco PLC - Sponsored ADR............................................... 9,200 354,568
Exxon Mobil Corp........................................................... 19,712 693,862
----------
1,048,430
----------
FINANCIAL -- 19.92%
American International Group............................................... 11,027 639,015
Citigroup Inc.............................................................. 20,215 793,439
Federal National Mortgage Association...................................... 5,600 405,384
Fifth Third Bancorp........................................................ 6,020 296,726
Golden West Financial Corp................................................. 2,900 218,718
Morgan Stanley Dean Witter & Co............................................ 9,500 425,125
SLM Corp................................................................... 2,100 235,200
Travelers Property Casualty (A Shares)..................................... 28,027 454,878

See notes to financial statements.

<page>

1838 LARGE CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)-- CONTINUED APRIL 30, 2003
- ------------------------------------------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
------ -----------

FINANCIAL -- (CONTINUED)
Travelers Property Casualty (B Shares)..................................... 1,813 $ 29,461
Wells Fargo & Co........................................................... 7,500 361,950
----------
3,859,896
----------
HEALTHCARE -- 14.31%
Abbott Laboratories........................................................ 9,000 365,670
Guidant Corp............................................................... 5,800 226,142
Lilly & Co................................................................. 4,300 274,426
Medtronic Inc.............................................................. 13,700 654,038
Merck & Co. Inc............................................................ 9,900 575,982
Pfizer Inc................................................................. 6,100 187,575
Wellpoint Health Network Inc............................................... 2,200 167,068
Wyeth...................................................................... 7,400 322,122
----------
2,773,023
----------
TECHNOLOGY -- 15.93%
Analog Devices Inc......................................................... 6,700 221,904
Cisco Systems Inc.......................................................... 39,200 589,568
First Data Corp............................................................ 10,800 423,684
Intel Corp................................................................. 15,780 290,352
International Business Machines Corp....................................... 6,350 539,115
Microsoft Corp............................................................. 29,290 748,945
Texas Instruments Inc...................................................... 14,930 276,056
----------
3,089,624
----------
DEREGULATED INDUSTRIES -- 6.64%
Comcast Corp............................................................... 6,600 198,396
Dominion Resources, Inc.................................................... 5,650 334,367
Entergy.................................................................... 5,600 261,016
SBC Communications Inc..................................................... 7,740 180,806
Verizon Communications..................................................... 8,350 312,123
----------
1,286,708
----------
TOTAL COMMON STOCKS (Cost $20,153,715).................................. 18,796,059
----------
SHORT-TERM INVESTMENT -- 2.95%
Evergreen Select Money Market - I (Cost $572,918).......................... 572,918 572,918
----------

TOTAL INVESTMENTS (Cost $20,726,633)-- 99.94%................................... $ 19,368,977
OTHER ASSETS AND LIABILITIES, NET-- 0.06%....................................... 11,184
----------
NET ASSETS-- 100.00%............................................................ $ 19,380,161
============

ADR -- American Depository Receipt

See notes to financial statements.

<page>

1838 INVESTMENT ADVISORS FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) APRIL 30, 2003
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME LARGE CAP
EQUITY FUND FUND EQUITY FUND
-----------------------------------------------------------

ASSETS:
Investments, at value (identified cost $44,951,295, $57,596,614
and $20,726,633, respectively) (Note 2)........................... $40,659,313 $59,774,644 $19,368,977
Receivables:
Dividends, interest and foreign tax reclaims....................... 260,452 531,796 18,587
Fund shares purchased.............................................. -- 2,104 --
Other assets.......................................................... 1,541 2,691 638
-----------------------------------------------------------
Total assets .................................................... 40,921,306 60,311,235 19,388,202
-----------------------------------------------------------

LIABILITIES:
Management fees due to advisor (Note 4)............................... 22,294 10,682 552
Due to affiliates (Note 4)............................................ 8,547 7,915 6,187
Payable for investment securities purchased........................... -- 3,403,785 --
Other accrued expenses................................................ 23,303 26,505 1,302
-----------------------------------------------------------
Total liabilities ............................................... 54,144 3,448,887 8,041
-----------------------------------------------------------

NET ASSETS............................................................ $40,867,162 $56,862,348 $19,380,161
===========================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest......................................... $ 4,708 $ 5,521 $ 3,172
Additional capital paid-in............................................ 61,609,853 52,590,165 33,672,362
Undistributed net investment income (loss)............................ 20,310 115,562 33,088
Accumulated net realized gain (loss) on investments................... (16,508,555) 1,973,070 (12,970,805)
Net unrealized appreciation (depreciation) on:
Investments........................................................ (4,291,982) 2,178,030 (1,357,656)
Translation of assets and liabilities in foreign currencies........ 32,828 -- --
-----------------------------------------------------------

NET ASSETS............................................................ $40,867,162 $56,862,348 $19,380,161
===========================================================

Shares of beneficial interest outstanding............................. 4,708,344 5,520,700 3,171,749
-----------------------------------------------------------

NET ASSETS VALUE, offering and redemption price
per share (Net assets/Outstanding shares of
beneficial interest)............................................... $ 8.68 $ 10.30 $ 6.11
===========================================================

See notes to financial statements.

<page>

1838 INVESTMENT ADVISORS FUNDS
STATEMENTS OF OPERATIONS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2003 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------

INTERNATIONAL FIXED INCOME LARGE CAP
EQUITY FUND FUND EQUITY FUND
----------------------------------------------------------

INVESTMENT INCOME:
Dividends............................................................ $ 527,698 $ -- $ 144,135
Interest............................................................. 2,134 2,056,223 2,704
Foreign taxes withheld .............................................. (58,469) -- --
----------------------------------------------------------
Total Investment Income.................................... 471,363 2,056,223 146,839
----------------------------------------------------------
EXPENSES:
Investment advisory fees (Note 4).................................... 174,273 187,175 65,321
Administration fee (Note 4).......................................... 13,942 22,461 7,439
Accounting fee (Note 4).............................................. 30,066 23,626 19,836
Custodian fees ...................................................... 15,657 8,414 2,810
Transfer agency fees (Note 4)........................................ 9,917 9,917 9,917
Trustees' fees (Note 4).............................................. 6,239 10,123 2,236
Audit fees........................................................... 7,224 7,798 4,639
Legal fees........................................................... 7,159 6,818 4,746
Registration fees.................................................... 8,712 9,675 6,512
Reports to shareholders.............................................. 2,692 4,507 1,034
Other................................................................ 6,266 12,928 3,662
----------------------------------------------------------
Total expenses.................................................. 282,147 303,442 128,152
Advisory fees waived (Note 4)................................... -- (78,824) (52,788)
----------------------------------------------------------
Total expenses, net.......................................... 282,147 224,618 75,364
----------------------------------------------------------
Net investment income..................................... 189,216 1,831,605 71,475
----------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) from:
Investment transactions........................................ (3,545,167) 2,095,319 (2,599,332)
Foreign currency transactions.................................. (168,906) -- --
----------------------------------------------------------
Total net realized gain (loss)............................... (3,714,073) 2,095,319 (2,599,332)
----------------------------------------------------------
Change in unrealized appreciation (depreciation) of:
Investments.................................................... 3,810,494 (246,655) 2,900,006
Translation of assets and liabilities in foreign currencies.... 7,733 -- --
----------------------------------------------------------
Total change in unrealized appreciation (depreciation)....... 3,818,227 (246,655) 2,900,006
----------------------------------------------------------
Net gain on investments and foreign currency.............. 104,154 1,848,664 300,674
----------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................... $ 293,370 $3,680,269 $ 372,149
==========================================================

See notes to financial statements.

<page>

1838 INVESTMENT ADVISORS FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------

INTERNATIONAL FIXED INCOME LARGE CAP
EQUITY FUND FUND EQUITY FUND
-----------------------------------------------------

FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2003 (UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ............................................... $ 189,216 $ 1,831,605 $ 71,475
Net realized gain (loss) from investment and
foreign currency transactions...................................... (3,714,073) 2,095,319 (2,599,332)
Change in unrealized appreciation (depreciation) of
investments and foreign currency................................... 3,818,227 (246,655) 2,900,006
-----------------------------------------------------
Net increase in net assets resulting from operations.................... 293,370 3,680,269 372,149
-----------------------------------------------------

Distributions to shareholders from:
Net investment income................................................ -- (1,716,043) (99,491)
Long-term gains...................................................... -- (499,526) --
-----------------------------------------------------
Total distributions............................................... -- (2,215,569) (99,491)
-----------------------------------------------------
Decrease in net assets from Fund share
transactions (Note 5)................................................ (15,933,346) (34,335,903) (1,988,187)
-----------------------------------------------------
Decrease in net assets.................................................. (15,639,976) (32,871,203) (1,715,529)
NET ASSETS:
Beginning of period................................................ 56,507,138 89,733,551 21,095,690
-----------------------------------------------------
End of period (including undistributed net investment income of
$20,310, $115,562 and $33,088, respectively)..................... $40,867,162 $56,862,348 $19,380,161
=====================================================
FOR THE YEAR ENDED OCTOBER 31, 2002
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ............................................... $ 58,564 $ 6,338,057 $ 95,676
Net realized gain (loss) from investment and
foreign currency transactions...................................... (11,551,103) 514,671 (7,328,678)
Change in unrealized appreciation (depreciation) of
investments and foreign currency................................... 1,936,115 (3,129,687) 1,069,356
-----------------------------------------------------
Net increase (decrease) in net assets resulting from operations......... (9,556,424) 3,723,041 (6,163,646)
-----------------------------------------------------
Distributions to shareholders from:
Net investment income................................................ -- (6,338,057) (102,259)
Short-term gains..................................................... -- (1,885,738) --
Long-term gains...................................................... -- (395,985) --
-----------------------------------------------------
Total distributions............................................... -- (8,619,780) (102,259)
-----------------------------------------------------
Increase (decrease) in net assets from Fund share
transactions (Note 5)................................................ (5,943,650) (34,040,564) 5,595,751
-----------------------------------------------------
Decrease in net assets.................................................. (15,500,074) (38,937,303) (670,154)
NET ASSETS:
Beginning of year.................................................. 72,007,212 128,670,854 21,765,844
-----------------------------------------------------
End of year (including undistributed net investment income of
$0, $0 and $61,104, respectively)................................ $56,507,138 $89,733,551 $21,095,690
=====================================================

See notes to financial statements.

<page>

1838 INVESTMENT ADVISORS FUNDS
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------

The following table includes selected data for a share outstanding throughout
each fiscal year or period and other performance information derived from the
financial statements. It should be read in conjuction with the financial
statements and notes thereto.

INTERNATIONAL EQUITY FUND
FOR THE
SIX-MONTH
PERIOD ENDED FOR THE FISCAL YEARS ENDED OCTOBER 31,
APRIL 30, 2003 -----------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------------------------------------------------------------------------

NET ASSET VALUE - BEGINNING OF PERIOD.. $8.50 $9.89 $14.59 $14.57 $12.08 $11.99
-------------------------------------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income ............. 0.04 0.01 0.03 0.01 0.03 0.01
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions...................... 0.14 (1.40) (3.19) 0.78 3.34 0.75
-------------------------------------------------------------------------------
Total from investment operations.. 0.18 (1.39) (3.16) 0.79 3.37 0.76
-------------------------------------------------------------------------------
DISTRIBUTIONS:
From net investment income.......... -- -- -- -- -- --
From net short-term realized gain on
investments......................... -- -- (0.22) (0.45) -- (0.22)
From net long-term realized gain on
investments......................... -- -- (1.32) (0.32) (0.88) (0.45)
-------------------------------------------------------------------------------
Total distributions............... -- -- (1.54) (0.77) (0.88) (0.67)
-------------------------------------------------------------------------------
NET ASSET VALUE - END OF PERIOD........ $8.68 $8.50 $9.89 $14.59 $14.57 $12.08
================================================================================
TOTAL RETURN........................... 2.12%* (14.05)% (23.94)% 5.06% 29.10% 6.90%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA:
Expenses (net of fee waivers)... 1.21%** 1.10% 1.04% 1.10% 1.09% 1.13%
Net investment income .......... 0.81%** 0.08% 0.26% 0.04% 0.23% 0.10%
Portfolio turnover rate................ 17.09% 31.51% 41.58% 51.99% 48.71% 166.77%
Net assets, end of period (in 000's)... $40,867 $56,507 $72,007 $101,686 $86,547 $57,875

* Total return not annualized.
** Annualized.

See notes to financial statements.

<page>

1838 INVESTMENT ADVISORS FUNDS
- ---------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED

FIXED INCOME FUND

FOR THE
SIX-MONTH
PERIOD ENDED FOR THE FISCAL YEARS ENDED OCTOBER 31,
APRIL 30, 2003 ---------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------------------------------------------------------------------

NET ASSET VALUE - BEGINNING OF PERIOD.. $10.11 $10.49 $9.75 $9.81 $10.24 $10.27
-------------------------------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income1.............. 0.26 0.56 0.61 0.63 0.53 0.54
Net realized and unrealized gain (loss)
on investments1 ...................... 0.23 (0.19) 0.75 (0.04) (0.45) 0.08
-------------------------------------------------------------------------
Total from investment operations1 0.49 0.37 1.36 0.59 0.08 0.62
-------------------------------------------------------------------------
DISTRIBUTIONS:
From net investment income.......... (0.24) (0.56) (0.62) (0.65) (0.51) (0.59)
Return of capital................... -- -- -- -- -- (0.04)
From net short-term realized gain on
investments......................... -- -- -- -- -- (0.02)
From net long-term realized gain on
investments........................ (0.06) (0.19) -- -- -- --
-------------------------------------------------------------------------
Total distributions.............. (0.30) (0.75) (0.62) (0.65) (0.51) (0.65)
-------------------------------------------------------------------------
NET ASSET VALUE - END OF PERIOD........ $10.30 $10.11 $10.49 $9.75 $9.81 $10.24
=========================================================================
TOTAL RETURN........................... 4.89%* 3.86% 14.36% 6.33% 0.79% 6.26%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA:
Expenses (net of fee waivers)2...... 0.60%** 0.60% 0.60% 0.60% 0.61% 0.75%
Expenses (excluding fee waivers).... 0.81%** 0.74% 0.70% 0.75% 0.73% 0.88%
Net investment income1 ............. 4.89%** 5.58% 6.09% 6.57% 5.35% 5.60%
Portfolio turnover rate................ 132.43% 205.61% 199.43% 361.63% 834.18% 92.65%
Net assets, end of period (in 000's)... $56,862 $89,734 $128,671 $152,319 $94,221 $71,723

* Total return not annualized.
** Annualized.
1 Effective November 1, 2001, the Fixed Income Fund adopted the required
provisions of the AICPA Audit and Accounting Guide for Investment Companies.
The effect of this change for the year ended October 31, 2002 was to increase
net investment income per share by $0.001, decrease net realized and
unrealized gains and losses per share by $0.01 and increase the ratio of net
investment income to average net assets by 0.09%. Per share ratios and
supplemental data for periods prior to November 1, 2001 have not been
restated to reflect this change in accounting principle.

2 Effective March 1, 1999, 1838 Investment Advisors voluntarily agreed to waive
its fees and/or reimburse the Fund so the total operating expenses do not
exceed 0.60% of average daily net assets

See notes to financial statements.

<page>

1838 INVESTMENT ADVISORS FUNDS
FINANCIAL HIGHLIGHTS -- CONTINUED
- ------------------------------------------------------------------------------------------------------------------------------------

LARGE CAP EQUITY FUND

FOR THE
SIX-MONTH FOR THE FISCAL YEARS
PERIOD ENDED OR PERIOD ENDED OCTOBER 31,
APRIL 30, 2003 ------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999+
-----------------------------------------------------------------------------

NET ASSET VALUE - BEGINNING OF PERIOD......... $5.96 $7.67 $11.09 $10.61 $10.00
-----------------------------------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income...................... 0.02 0.03 0.03 0.02 0.01
Net realized and unrealized gain
on investments .......................... 0.16 (1.70) (3.43) 0.49 0.60
-----------------------------------------------------------------------------
Total from investment operations........... 0.18 (1.67) (3.40) 0.51 0.61
-----------------------------------------------------------------------------
DISTRIBUTIONS:
From net investment income................. (0.03) (0.04) (0.02) (0.01) --
From net short-term realized gain
on investments........................... -- -- -- (0.02) --
-----------------------------------------------------------------------------
Total distributions........................ (0.03) (0.04) (0.02) (0.03) --
-----------------------------------------------------------------------------
NET ASSET VALUE - END OF PERIOD............... $6.11 $5.96 $7.67 $11.09 $10.61
=============================================================================
TOTAL RETURN.................................. 2.99%* (21.96)% (30.73)% 4.83% 6.10%*
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses (net of fee waivers) ............ 0.75%** 0.75% 0.75% 0.75% 0.75%**
Expenses (excluding fee waivers) ......... 1.28%** 1.18% 1.17% 1.73% 4.98%**
Net investment income .................... 0.71%** 0.41% 0.32% 0.23% 1.55%**
Portfolio turnover rate....................... 22.31% 53.26% 45.82% 54.21% 5.58%
Net assets, end of period (in 000's).......... $19,380 $21,096 $21,766 $19,831 $4,923

+ The Large Cap Equity Fund commenced operations on September 29, 1999.
* Total return not annualized.
** Annualized.

See notes to financial statements.

<page>

1838 INVESTMENT ADVISORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) APRIL 30, 2003
- --------------------------------------------------------------------------------

NOTE 1 -- DESCRIPTION OF THE FUNDS

The 1838 Investment Advisors Funds (the "Trust") was organized as a Delaware
series business trust on December 9, 1994, and is an open-end, management
investment company registered under the Investment Company Act of 1940, as
amended (the "1940 Act"). The Trust's Agreement and Declaration of Trust permits
the Trustees to issue an unlimited number of shares of beneficial interest. The
Trust consists of three Funds: the 1838 International Equity Fund, the 1838
Fixed Income Fund and the 1838 Large Cap Equity Fund (each a "Fund" and
collectively, the "Funds"). The investment objectives of each Fund are set forth
below.

The 1838 International Equity Fund (the "International Fund") commenced
operations on August 3, 1995. The Fund's investment objective is capital
appreciation, with a secondary objective of income. The Fund seeks to achieve
its objective by investing at least 80% of its total assets in a diversified
portfolio of equity securities of issuers located in countries other than the
United States.

The 1838 Fixed Income Fund (the "Fixed Income Fund") commenced operations on
September 2, 1997. The Fund's investment objective is maximum current income,
with a secondary objective of growth. The Fund seeks to achieve its objective by
investing, under normal circumstances, at least 80% of its assets in a
diversified portfolio of fixed income securities.

The 1838 Large Cap Equity Fund (the "Large Cap Fund") commenced operations on
September 29, 1999. The Fund's investment objective is long-term total return.
The Fund seeks to achieve its objective by investing at least 90% of its total
assets in the common stock of U.S. companies with market capitalizations greater
than $5 billion.

NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION. Each Fund's securities, except investments with remaining
maturities of 60 days or less, are valued at the last quoted sales price on the
security's principal exchange on that day. If there are no sales of the relevant
security on such day, the security will be valued at the mean between the
closing bid and asked price on that day, if any. Debt securities having a
maturity of 60 days or less are valued at amortized cost. Securities for which
market quotations are not readily available and all other assets will be valued
at their respective fair value as determined in good faith by, or under
procedures established by, the Board of Trustees. As of April 30, 2003, there
were no securities valued by, or under procedures established by, the Board of
Trustees.

FEDERAL INCOME TAXES. Each Fund is treated as a separate entity and intends to
remain qualified as a "regulated investment company" under Subchapter M of the
Internal Revenue Code of 1986 and to distribute all of its taxable income to its
shareholders. Therefore, no federal income or excise tax provision is required.

FOREIGN CURRENCY TRANSLATIONS. The books and records of the International Fund
are maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at
the daily rates of exchange, and

(ii) purchases and sales of investment securities, dividend and
interest income and certain expenses at the rates of exchange
prevailing on the respective dates of such transactions.

The International Fund does not isolate that portion of the results of
operations resulting from changes in foreign exchange rates on investments from
the fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss from
investments.

Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency gains
or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the International Fund's books, and the

<page>

1838 INVESTMENT ADVISORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) APRIL 30, 2003
- --------------------------------------------------------------------------------

NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED)

U.S. dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the value of assets and
liabilities, other than investments in securities, resulting from changes in
exchange rates.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. In connection with portfolio
purchases and sales of securities denominated in a foreign currency, the
International Fund may enter into forward foreign currency exchange contracts
("FFCEC"). Additionally, the International Fund may enter into these contracts
to hedge certain foreign currency assets. Foreign currency exchange contracts
are recorded at fair value. Certain risks may arise upon entering into these
contracts from the potential inability of counterparties to meet the terms of
their contracts. Realized gains or losses arising from such transactions are
included in net realized gain (loss) from foreign currency transactions. There
were no FFCEC to hedge foreign currency assets outstanding at April 30, 2003.

TRANSFERS IN-KIND. Shareholders may periodically contribute marketable
securities to a respective Fund, upon approval of the Fund's management, in
exchange for capital shares of the respective Fund. The exchange is conducted on
a taxable basis, whereby any unrealized appreciation or depreciation on the
marketable securities on the date of transfer is recognized by the shareholder
and the Fund's basis in the securities is the market value as of the date of
transfer. The number of shares issued to the shareholder is calculated by
dividing the market value of the marketable securities, determined using the
last quoted sales price on the security's principal exchange on that day, by the
current net asset value per share of the respective Fund on the date of
transfer.

DISTRIBUTIONS TO SHAREHOLDERS AND BOOK/TAX DIFFERENCES. The Fixed Income Fund
distributes net investment income monthly. All other distributions by the Funds
will be made annually in December. Additional distributions may be made by each
Fund to the extent necessary. Distributions of net investment income and net
realized gains are determined in accordance with income tax regulations which
may differ from generally accepted accounting principles in the United States of
America ("GAAP"). These differences are primarily due to differing treatments of
gains or losses on foreign currency transactions, gains or losses realized on
paydown transactions on mortgaged-backed securities and losses deferred due to
wash sales. Net investment income, short-term gains and foreign currency gains
are taxed as ordinary income and long-term gains are taxed as capital gains.

Distributions during the six-month period ended April 30, 2003 were
characterized as follows for tax purposes:

FUND ORDINARY INCOME CAPITAL GAIN TOTAL DISTRIBUTION
---- --------------- ------------ ------------------
International Fund....... -- -- --
Fixed Income Fund......... $1,716,043 $499,526 $2,215,569
Large Cap Fund............ 99,491 -- 99,491

At October 31, 2002, the components of distributable earnings on a tax
basis were as follows:

ACCUMULATED ACCUMULATED
FUND ORDINARY INCOME (LOSS) CAPITAL GAIN (LOSS)
---- ---------------------- -------------------
International Fund........ $ -- $(12,880,390)
Fixed Income Fund......... -- 380,325
Large Cap Fund............ 61,104 (10,016,810)

<page>

1838 INVESTMENT ADVISORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) APRIL 30, 2003
- --------------------------------------------------------------------------------

NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED)

As of October 31, 2002, the following table shows the capital loss
carryovers available to offset possible future capital gains for the
following Funds:

FUND AMOUNT EXPIRATION DATE
---- ------- -------------
International Fund........ $ 1,643,063 10/31/2009
11,237,327 10/31/2010
Large Cap Fund............ $ 341,572 10/31/2008
2,609,791 10/31/2009
7,065,447 10/31/2010

At April 30, 2003, the following table shows for federal tax purposes the
aggregate cost of investments, the net unrealized appreciation/
(depreciation) of those investments, the aggregate gross unrealized
appreciation of all securities with an excess of market value over tax cost
and the aggregate gross unrealized depreciation of all securities with an
excess of tax cost over market value.

NET UNREALIZED
AGGREGATE APPRECIATION/ GROSS UNREALIZED GROSS UNREALIZED
FUND TAX COST (DEPRECIATION) APPRECIATION DEPRECIATION
---- -------- ------------ -------------- --------------

International Fund ....... $45,034,293 $(4,374,980) $ 3,347,810 $(7,722,790)
Fixed Income Fund ........ 57,596,614 2,178,030 2,253,209 (75,179)
Large Cap Fund ........... 20,980,375 (1,611,398) 846,309 (2,457,707)

CHANGE IN ACCOUNTING PRINCIPLE. Effective November 1, 2001, the Funds adopted
provisions required by the new AICPA Audit and Accounting Guide for Investment
Companies issued in November 2000. The Fixed Income Fund began classifying gains
and losses from paydown transactions on mortgage and asset backed securities as
investment income or loss for financial reporting purposes. During the year
ended October 31, 2002, net investment income increased $107,452 and net
realized and unrealized gain (loss) decreased $107,452 due to the classification
of net paydown gains as net investment income.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation of
financial statements in conformity with GAAP requires management to make
estimates and assumptions that may affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results could differ
from those estimates.

OTHER. Investment security transactions are accounted for on a trade date basis.
The specific identification method is utilized for determining realized gain or
loss on investments for both financial and federal income tax reporting
purposes. Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Interest income is recorded on an accrual basis.

NOTE 3 -- PURCHASES AND SALES OF INVESTMENT SECURITIES

During the six-month period ended April 30, 2003, purchases and sales of
investment securities, other than short-term investments, were as follows:

INTERNATIONAL FIXED INCOME LARGE CAP
FUND FUND FUND
------------ ------------ ------------
Purchases............ $ 8,087,908 $ 99,298,656 $4,425,902
Sales................ 24,229,565 133,156,469 6,683,390

<page>

1838 INVESTMENT ADVISORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) APRIL 30, 2003
- --------------------------------------------------------------------------------

NOTE 3 -- PURCHASES AND SALES OF INVESTMENT SECURITIES -- (CONTINUED)

Purchases, sales and maturities of U.S. Government securities, during the
six-month period ended April 30, 2003, were as follows:

INTERNATIONAL FIXED INCOME LARGE CAP
FUND FUND FUND
------------ ------------ ------------
Purchases................ $-- $39,286,230 $--
Sales.................... -- 49,591,238 --

NOTE 4 -- ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust, on behalf of each Fund, employs 1838 Investment Advisors, LLC (the
"Investment Advisor"), a wholly-owned subsidiary of MBIA, Inc., and registered
investment adviser under the 1940 Act, to furnish investment advisory services
to the Funds pursuant to an Investment Advisory Agreement with the Trust. The
Investment Advisor supervises the investment of the assets of the Funds in
accordance with each Fund's investment objective, policies and restrictions.

The Trust pays the Investment Advisor a monthly fee at the following annual
rates of each Fund's average daily net assets: 0.75% for the International Fund,
0.50% for the Fixed Income Fund and 0.65% for the Large Cap Fund. The Investment
Advisor has voluntarily agreed to waive its advisory fee and/or reimburse each
Fund monthly to the extent that the total operating expenses (excluding taxes,
extraordinary expenses, brokerage commissions and interest) will exceed the
following annual rates of each Fund's average daily net assets: 1.25% for the
International Fund, 0.60% for the Fixed Income Fund and 0.75% for Large Cap
Fund. This undertaking may be rescinded at any time in the future.

The following table summarizes the advisory fees incurred by the Funds for the
six-month period ended April 30, 2003:

GROSS ADVISORY FEE NET
ADVISORY FEE WAIVER ADVISORY FEE
------------ ------------ ------------
International Fund...... $174,273 $ -- $174,273
Fixed Income Fund....... 187,175 78,824 108,351
Large Cap Fund.......... 65,321 52,788 12,533

1838 Investment Advisors, LLC ("1838") also serves as Administrator to the Trust
pursuant to an Administration Agreement with the Trust on behalf of each Fund.
As Administrator, 1838 is responsible for services such as financial reporting,
compliance monitoring and corporate management. The Trust pays 1838 a monthly
asset-based fee at the annual rate of 0.06% of each Fund's average daily net
assets, with a minimum annual fee per Fund of $15,000. For the six-month period
ended April 30, 2003, 1838's administration fees amounted to $13,942, $22,461
and $7,439, for the International Fund, the Fixed Income Fund and the Large Cap
Fund, respectively.

MBIA Municipal Investors Services Corporation ("MBIA MISC"), a direct,
wholly-owned subsidiary of MBIA, Inc., serves as Accounting Agent to the Trust.
As Accounting Agent, MBIA MISC determines each Fund's net asset value per share
and provides accounting services to the Funds pursuant to an Accounting Services
Agreement with the Trust. The Trust pays MBIA MISC a monthly asset-based fee at
the annual rate of $40,000, plus 0.03% of each Fund's average daily net assets
in excess of $50 million for the Fixed Income Fund and the Large Cap Fund. For
the International Fund the Trust pays at the annual rate of $60,000, plus 0.03%
of average daily net assets in excess of $50 million. For the six-month period
ended April 30, 2003, MBIA MISC's accounting fees amounted to $30,066, $23,626
and $19,836, for the International Fund, the Fixed Income Fund and the Large Cap
Fund, respectively.

<page>

1838 INVESTMENT ADVISORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) APRIL 30, 2003
- --------------------------------------------------------------------------------

NOTE 4 -- ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES -- (CONTINUED)

MBIA MISC also serves as the Fund's transfer agent pursuant to a Transfer Agency
Agreement with the Trust. For these services, MBIA MISC receives an annual fee
per Fund of $20,000, and is reimbursed for out-of-pocket expenses. For the
six-month period ended April 30, 2003, MBIA MISC's transfer agent fees amounted
to $9,917 for each Fund.

MBIA Capital Management Corporation (the "distributor"), a direct, wholly-owned
subsidiary of MBIA, Inc., entered into a Distribution Agreement with the Trust
to assist in securing purchasers for shares of each Fund. The distributor also
directly or through its affiliates, provides investor support services. The
distributor receives no compensation for distributing the Funds' shares, except
for reimbursement of its out-of-pocket expenses.

The Trustees of the Trust who are "interested persons" of the Trust, the
Investment Advisor or its affiliates and all personnel of the Trust or the
Investment Advisor performing services related to research, statistical and
investment activities are paid by the Investment Advisor or its affiliates.

NOTE 5 -- FUND SHARE TRANSACTIONS

At April 30, 2003, there were an unlimited number of shares of beneficial
interest with a $0.001 par value, authorized. The following table summarizes the
activity in shares of each Fund:

INTERNATIONAL FUND
FOR THE SIX-MONTH PERIOD FOR THE FISCAL YEAR
ENDED APRIL 30, 2003 ENDED OCTOBER 31, 2002
------------------------------ ---------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ----------- ----------- ----------

Shares sold............................................ 61,743 $511,807 447,668 $4,408,467
Shares issued to shareholders in reinvestment
of distributions.................................... -- -- -- --
Shares redeemed........................................ (1,998,457) (16,445,153) (1,086,733) (10,352,117)
----------- ----------- ---------- -----------
Net decrease........................................... (1,936,714) $(15,933,346) (639,065) $(5,943,650)
============ ===========

Shares outstanding:
Beginning of period................................ 6,645,058 7,284,123
----------- ---------
End of period...................................... 4,708,344 6,645,058
=========== =========

<page>

1838 INVESTMENT ADVISORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) APRIL 30, 2003
- ------------------------------------------------------------------------------------------------------------------------------------

NOTE 5 -- FUND SHARE TRANSACTIONS -- (CONTINUED)

FIXED INCOME FUND
FOR THE SIX-MONTH PERIOD FOR THE FISCAL YEAR
ENDED APRIL 30, 2003 ENDED OCTOBER 31, 2002
----------------------------------- ----------------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ----------- ----------- ----------

Shares sold........................................... 124,453 $1,268,902 448,482 $4,505,566
Shares issued to shareholders in reinvestment
of distributions................................... 199,659 2,027,916 778,386 7,754,268
Shares redeemed....................................... (3,678,471) (37,632,721) (4,621,456) (46,300,398)
---------- ------------ ---------- -------------
Net decrease.......................................... (3,354,359) $(34,335,903) (3,394,588) $(34,040,564)
============ ============
Shares outstanding:
Beginning of period.................................. 8,875,059 12,269,647
...................................................... ----------- -----------
End of period........................................ 5,520,700 8,875,059
========== ===========

LARGE CAP FUND
FOR THE SIX-MONTH PERIOD FOR THE FISCAL YEAR
ENDED APRIL 30, 2003 ENDED OCTOBER 31, 2002
-------------------------------- ---------------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ----------- ----------- ----------
Shares sold........................................... 245,914 $1,458,161 1,200,399 $9,403,633
Shares issued to shareholders in reinvestment
of distributions................................... 12,078 72,347 11,406 93,074
Shares redeemed....................................... (624,060) (3,518,695) (511,391) (3,900,956)
---------- ------------ ---------- -------------
Net increase (decrease)............................... (366,068) $(1,988,187) 700,414 $5,595,751
============ ============
Shares outstanding:
Beginning of period................................... 3,537,817 2,837,403
----------- -----------
End of period........................................ 3,171,749 3,537,817
========== ===========

NOTE 6 -- CONCENTRATION OF RISKS

The International Fund invests in securities of foreign issuers in various
countries. These investments may involve certain considerations and risks not
typically associated with investments in the U.S., as a result of, among other
factors, the possibility of future political and economical developments and the
level of government supervision and regulation of securities markets in the
various countries.

NOTE 7 - CHANGE OF FUND AUDITOR

On December 19, 2002, the Board of Trustees of the Trust approved changing the
Trust's independent auditors from PricewaterhouseCoopers LLP to Tait, Weller &
Baker for the fiscal year ending October 31, 2003.

<page>

This Page is Left Intentionally Blank

<page>

INVESTMENT ADVISER
AND ADMINISTRATOR
----------

1838 INVESTMENT ADVISORS, LLC
2701 RENAISSANCE BOULEVARD
FOURTH FLOOR
KING OF PRUSSIA, PA 19406

DISTRIBUTOR
----------
MBIA CAPITAL MANAGEMENT CORPORATION
113 KING STREET
ARMONK, NY 10504

ACCOUNTING AND
TRANSFER AGENT
----------
MBIA MUNICIPAL INVESTORS SERVICE CORPORATION
113 KING STREET
ARMONK, NY 10504

CUSTODIAN
----------
WACHOVIA NATIONAL BANK
123 S. BROAD STREET
PHILADELPHIA, PA 19101

LEGAL COUNSEL
----------
PEPPER HAMILTON LLP
3000 TWO LOGAN SQUARE
EIGHTEENTH & ARCH STREETS
PHILADELPHIA, PA 19103

AUDITORS
----------
TAIT, WELLER & BAKER
1818 MARKET STREET
SUITE 2400
PHILADELPHIA, PA 19103

SAR 4/03

Item 2. Code of Ethics.

Not applicable at this time.

Item 3. Audit Committee Financial Expert.

Not applicable at this time.

Item 4. Principal Accountant Fees and Services

Not applicable at this time.

Items 5-6. (Reserved)

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable at this time.

Items 8. (Reserved)

Item 9. Controls and Procedures

(a) The Principal Executive and Financial Officers concluded that the
Registrant's Disclosure Controls and Procedures are effective based on their
evaluation of the Disclosure Controls and Procedures as of a date within 90 days
of the filing date of this report.

(b) There were no significant changes in Registrant's internal controls or in
other factors that could significantly affect these controls subsequent to the
date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

Items 10. Exhibits.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act (17
CFR 270.30a-2) in the exact form set forth below: Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.

1838 Investment Advisors Funds

By /s/ W. Thacher Brown
W. Thacher Brown
Chairman and President
(Principal Executive Officer)

Date June 24, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By /s/ W. Thacher Brown
W. Thacher Brown
Chairman and President
(Principal Executive Officer)
Date June 24, 2003

By /s/ Anna M. Bencrowsky
Anna M. Bencrowsky
Secretary and Treasurer
(Principal Financial Officer)
Date June 24, 2003

* Print the name and title of each signing officer under his or her signature.